Guaranteed Income-for-Life Products, also known as Guaranteed Minimum Withdrawal Benefit Products (GMWB), are a type of Segregated Fund with additional features. They provide a solution to help manage the concerns and challenges that come with retirement planning. One scenario where they can be very useful is when an employee may retire early or leave their position at a company that has a pension fund. The pension assets can become available to that employee to transfer into their own personal account. The GMWB product is built like a pension and guarantees a set income payout for life.
Here are some of the advantages to Guaranteed Income-for-Life Products:
- Predictable income guaranteed not to decrease no matter how investments perform
- Sustainable income that will last for your life
- Guaranteed lifetime income available as early as age 55 with higher payout percentages at older ages if income is deferred
- Potentially increasing guaranteed income if investment portfolio is growing
- The flexibility to change your investment
Contact me today to get a customized illustration of how the Guaranteed Income-for-Life Products could assist you in retirement and provide peace of mind.